Subsea 7 SA ( (SUBCY) ) has released its Q3 earnings. Here is a breakdown of the information Subsea 7 SA presented to its investors.
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Subsea 7 S.A., a global leader in the delivery of offshore projects and services for the energy industry, has reported its financial results for the third quarter of 2024, highlighting significant growth in profitability driven by strong project performance and high vessel utilization. The company achieved a notable 59% increase in adjusted EBITDA to $321 million, equating to an 18% margin, and generated a robust free cash flow of $138 million, indicating a healthy reduction in net debt. Revenue for the quarter increased by 16% to $1.8 billion, supported by high activity levels across both Subsea and Conventional and Renewables business units. The company has made significant progress on several key projects worldwide, including advancements in Brazil, Norway, and the UK. Looking ahead, Subsea 7 remains confident in its ability to maintain strong growth, with an expected revenue range for 2025 of $6.8 to $7.2 billion and adjusted EBITDA margins projected to exceed 20% by 2026.
